my annual income is approximately 5.5 to 6 lakh per annum. 1.5 lakh exempt under 80c then balance income is approx 4.5 lakh. Now, I am purchasing a car on my name for that my father-in-law and mother-in-law will transfer 5.5 lakh to my account from their accounts electronically. So, my total transaction is of 6-1.5+5.5 lakh = approx 10lakh.
Now, my questions are that
1. 5.5 lakh will be include in my income for income tax or not in FY 19-20. How many tax will be calculated in both case.
2. If bank deduct TDS on total amount, then what will be my next course of action.
Thx
Regards
CAclubindia
